New York is the city that never sleeps, and neither does its real estate market. With its population constantly changing, the rental landscape changes as a result. Compared to the rest of the country, real estate prices remain high. But, the days of continuously increasing rents seem to be over. Increases in rental property development have caused New York City rents to stagnate over the past year or two. Life moves quickly in New York City. And, property management companies have had to move quickly to keep pace with these changes. New York property management companies, which oversee large numbers New York rental properties, have come up with some creative strategies to meet the needs of their clients.
Traditional Role of a Property Management Company
New Yorkers are masters of outsourcing, and New York property owners have long outsourced their needs to property management companies. Property management groups allow property owners to enjoy the benefits of owning property without the headache of day-to-day management. At the Peridot Management Group, we offer a broad array of services to make your life as a property owner easier. We take care of all the financial details, including rent collection, expense tracking, and detailed accounting and tax information. On a day-to-day level, we handle all tenant requests, repair requests, and maintenance issues as they arise. Should your property require extensive repairs or renovations, we have a team of trusted vendors and contractors ready for your review.
On a legal level, we track changes that may affect you as a landlord and can represent you in any board meetings or court appearances if necessary. In a nutshell, we handle anything and everything pertaining to your property. We want things to run smoothly for you and your tenant, without you having to lift a finger. We pride ourselves on our attention to detail and our commitment to service.
The Changing Role of Property Management Companies
There have been recent changes in the New York real estate market. And, property management companies have had to change the way they do things. An influx of available rentals has increased the city’s rental inventory, giving prospective tenants and renters with a lease up for renewal the upper hand for a change. New York property management companies have had to employ new strategies to attract new tenants or to keep the ones they have. Companies may offer current tenants concessions such as no increase in the rent if they extend the lease. The concessions offered to new tenants are more varied and creative.
Some property management companies are offering to wave the broker’s fee, offer one or more months rent-free, or even throw in a gift card with a signed lease. Others, especially those trying to stand out in a crowded real estate market, throw in more unusual gimmicks, such as puppet shows for kids or cooking classes for adults. No matter what the concessions are used, the goal is to find tenants for the properties and keep them occupied for the long term.
Our goal at Peridot Management Group is to keep your property rented and running smoothly, no matter what it takes. From tried-and-true methods to creative concessions, we are here to meet your needs as a property owner. We want to keep your properties occupied at all times, minimizing expenses while maximizing income. We can think outside and inside the box in order to find you the best tenants, keep them satisfied, and keep your property in prime condition at all times.
If you’re a property owner that has been handling all aspects of property management, rentals, repairs, rent collection and vacancies, you may ask yourself from time to time whether it’s all worth it and whether it is time to hire one of the many property management companies out there to take over the day-to-day tasks. You may be unsure about whether your ready to invest in a property management company. That is why we’ve put together a list of the 5 signs that mean you’re ready to take the next step and relieve yourself of the burden.
Number of Units Owned
If you own one or two properties, especially small ones, collecting rent and dealing with maintenance issues may be totally manageable. However, if you own a large apartment building or several rental properties across multiple locations, dealing with the many diverse sets of tenants can be a challenge. When it comes to hiring contractors and supers or dealing with vacancies, it can be a challenge juggling multiple properties at once. If you live in New York City, the needs of a unit in Brooklyn is dramatically different than another in Queens. Managing a property on your own can be a detriment to your earning power. In this case, it is probably best to hire a New York property management company to take over.
Property Owned is Far Away
Just as a rental unit in Brooklyn differs dramatically from one in Queens, if you live outside the state in which the property you own is located, keeping track of everything can be downright impossible. Handling vacancies and finding the right tenants is the primary challenge. But, finding a contractor that will do good work at a decent rate is another. If you own multiple properties that you live far from, hiring a professional service will streamline your revenue. A good property management company can handle many different properties with ease. They can understand the local legislation, as well as have a system in place to locate – and attract – good tenants.
You’re Just Getting Started
If you’re a property investor that is just getting started, it may be in your best interest to hire a property management company that can help you start off on the right foot. Maybe you own a single property, and the price can be expensive, but so can learning as you go. If you’ve got a full-time job on the side and you’re just getting into the property investment game, allowing a team of professionals to handle your investment is worthwhile down the road. Taking it on yourself is a time consuming endeavor.
Vacancy Rates are High
One of the primary functions of any property rental company is to limit the vacancy of your property. If the vacancies are high, it is probably time to hire someone else to take over. You’ll be glad you did, even after you pay the fees for the services.
There Just Isn’t Enough Time
Managing a single property can be a full-time job. Overseeing multiple rental units, dealing with repairs, maintenance, superintendents, tenant complaints and contracts is time consuming. Whether you want to sit back and enjoy your time, allowing your property investment to grow on its own, or you already have a full time job, property management companies will take the burden off your hands and give your time back to you. Take that vacation you’ve always dreamed of, focus more on the things – or people – you love.
Peridot Management Group is located in New York and has a wealth of knowledge and experience dealing with all kinds of property units. If you’re ready to take the next step and increase the earning power of your rental with a property management company, contact us today.
At first blush, it may seem like hiring a commercial property management company isn’t worth the cost. After all, it’s expensive. However, as a property owner, priority number one is always maximizing the earning power of your investment. A top-notch property manager will not only pay for itself, but will increase your building’s overall earnings, putting more money in your pocket and giving you more time to enjoy your life.
Possibly the most costly situation for any property owner is a lasting vacancy. Time is money, after all, and the longer a room, apartment or property is vacant, the more costly it becomes. That’s why vacancy prevention is one of the chief concerns for any real property management company. With a dedicated team of individuals and a wealth of knowledge, a property management company will be able to set rates faster – and more competitively – than an individual. They’ll also be able to put employ effective marketing strategies. All this adds up to a property that will be filled in a timely manner.
A commercial property management company will increase your cash flow by maintaining an efficient rent collection system, adhering to all the legal requirements of the state, so you won’t have to worry about a thing. Collecting rent from tenants can be a more complicated process than you’d like. And, if you own multiple commercial properties, keeping track of everything can be difficult. This is where the experience and the organization of a commercial property management company comes in. Their experience will ensure your tenants pay rent on time, month in and month out.
Property Maintenance Savings
Because of the high volume of properties that are often managed, a commercial property management company can acquire lower bids from contractors. Oftentimes the repairs happen faster and are done by vetted professionals that provide quality craftsmanship. A property management company will also be able to spot potential property problems early on, often fixing them before they become a more costly situation. Using contractors that are professional ensures that the quality of the work is high and that it maintains the value of your property over time. This will ultimately increase the income a single property can bring in.
One of the best ways that a property management company can cut expenses is by making sure that the quality & reliability of your tenants is very high. Working with realtors to vet the tenants decreases that chance of nonpayment, which in turn decreases the amount of evictions. Quality businesses tend to stay longer, pay on time, and treat the property with more respect. Decreasing those vacancies and non-payments increases the consistent cash flow for your properties.
Commercial property management can be a stressful, round the clock job. Having a dedicated commercial property management company handle business for you means you’ll be able to put your feet up or take a vacation from time to time. Time is money, and you’ll have so much more time on your hands with a dedicated team of professionals managing your property.
A property management company will oftentimes have lawyers on retainer that ensure adherence to all the local laws and are there to advise you if any situations arise. Some of the most costly expenses for any property manager can be the failure to comply with the changing legislature surrounding property rental. This won’t be a concern for you, as you can rest easy that an experienced lawyer has your back.
Contact Peridot Management Group today to start saving money and time in your commercial business!